The Dollar index is in negative territory this morning, giving the price of Gold a temporary reprieve from the lower prices it’s been hitting this week.
However, overall, the dollar index continues its march forward as its most recent high at 95.30 is the highest it has been since July last year when it was on its decline from the 103.80 peak seen in January 2017.
The rest of the precious metals group are following Gold’s lead with Platinum prices at the lowest they’ve been since February 2016, the fall in popularity of diesel vehicles is no doubt is weighing on investors’ sentiment.
All the Wall Street Gold traders I spoke with this morning are sharing their frustrations of how difficult it is to make money trading Gold these days. Most are moving over to the Oil and Currency markets to try and make a buck until something changes in our market.
Technical Gold traders, seeing the price of Gold trade thru their latest RSI buy indicator at $1,272, are also holding off putting on any positions at this time.
With no significant news to prop up the price of Gold, most Gold traders expect the price of Gold to continue to be under pressure as the threat of higher interest rates prevail.
The cryptocurrency exchange Bithumb experienced a multi-million dollar hack on Tuesday, making it the second attack of this scale in the month of June.
Cryptocurrency exchanges are scrambling to patch up these types of holes, as the market continues to be very nervous to see who will be next to lose their coins.
It was Tuesday evening when Bithumb, a major South Korean cryptocurrency exchange, reported that nearly $31.6 million US worth of cryptocurrencies had been stolen. This attack comes not even two weeks after an attack on Coinrail, another South Korean cryptocurrency exchange, in which hackers managed to steal more than $40 million worth of cryptocurrency tokens from the exchange.
Investigations are underway, but no suspects have been identified as of yet.
So what can we do to keep our investments safe?
The cardinal rule of cryptocurrency is to only keep funds on an exchange that are to be used for short-term trading or exchanging. Many investors are guilty of getting too comfortable in the mindset that some exchanges are “too big to fail.”
Although many big exchanges now have funds set aside to repay damages of cryptocurrencies stolen from their customers, there is absolutely no guarantee of reimbursement. For those looking to hold even small amounts of cryptocurrency in the long-term, it may be wise to invest in a cold storage wallet. There are many great and affordable options that now support many different cryptocurrencies, and although not as convenient as ‘hot wallet’ storage on an exchange, offer much higher security.
In fact, Dillon Gage’s independently-operated and wholly-owned subsidiary International Depository Services offer cold storage for cryptocurrencies at its Texas location. For more information, visit IDS of Texas or call Mark Furmanek at: 972.386.2901.
In a barely regulated world out there in the cryptocurrency markets and exchanges, the best tools at your disposal are knowledge and common sense.
Have a wonderful Friday.
Disclaimer: This editorial has been prepared by Walter Pehowich of Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand and accept this disclaimer.